Hanoi, (VNA) – The Vietnam News Agency (VNA) has selected 10 outstanding economic events of Vietnam in 2017 as follows:

1. All 13 socio-economic targets fulfilled

VNA selects 10 outstanding economic events hinh anh 1Illustrative image (Source: VNA)

For the first time in years, Vietnam completed and surpassed all 13 socio-economic targets set by the National Assembly. The macro-economy was stable, inflation was under control, while the State budget collection and major economic indicators met requirements. The country’s gross domestic product (GDP) expanded by 6.81 percent – the highest level since 2011 - while its export revenue reached 213.77 billion USD, up 21.1 percent from the previous year. Vietnam attracted almost 36 billion USD in foreign direct investment (FDI), welcomed around 13 million international tourists and saw over 120,000 new businesses.

2. APEC 2017: Promoting regional cooperation, enhancing Vietnam’s position

VNA selects 10 outstanding economic events hinh anh 2President Tran Dang Quang and his spouse take photo with leaders of APEC economies (Source: VNA)

With the theme “Creating new dynamism, fostering a shared future”, APEC Vietnam Year 2017 was a comprehensive success in both bilateral and multilateral aspects. Major orientations were mapped out to propel economic cooperation in Asia-Pacific forward and further deepen collaborative relations between Vietnam and other APEC member economies as well as enhance the country’s role and position in the global arena.

3. Resolution defining the private economic sector’s important role promulgated

On June 3, 2017, General Secretary of the Communist Party of Vietnam Central Committee Nguyen Phu Trong signed into effect Resolution 10-NQ/TW on developing the private economic sector into an important driving force of the socialist-oriented market economy. On October 3, 2017, the Government issued Resolution 98/NQ-CP promulgating the Government’s action programme to implement Resolution 10-NQ/TW. Accordingly, the State will remove all barriers and prejudice, create favourable conditions for the private economic sector to develop in a healthy, effective and sustainable manner. Vietnam aims to have at least 1 million businesses by 2020, over 1.5 million by 2025, and at least 2 million by 2030. The private economic sector is expected to contribute about 50 percent, 55 percent and 60-65 percent to the country’s gross domestic product (GDP) in 2020, 2025 and 2030, respectively.

4. Supplementing legal foundations for banking system restructuring

VNA selects 10 outstanding economic events hinh anh 3Transactions at Ocean Bank (Source: VNA)

At its third and fourth sessions, the National Assembly approved Resolution 42/2017/QH14 on piloting bad debt settlement and the Law on Amendments and Supplements to Some Articles of the Law on Credit Institutions, which contain articles on guaranteed assets and bankruptcy. These are important legal foundations for Vietnam to eliminate badly-performing banks and gradually restructure credit institutions.

5. Removing barriers and improving business environment

In 2017, barriers in the business environment were gradually eliminated in many sectors, at different levels and in different spheres. In September, the Ministry of Industry and Trade decided to remove 675 business conditions, accounting for 55.5 percent of the total conditions. This is the largest number of conditions cut by the ministry so far, resulting in similar moves by other ministries and agencies. Thanks to the country’s efforts to improve the business climate, the World Economic Forum (WEF)’s Global Competitiveness Report 2017-2018 ranked Vietnam 55th out of 137 economies, up five places from 2016. Vietnam also ranked fourth in ASEAN in terms of favourable business environment.

6. Many complicated corruption, negative cases handled

VNA selects 10 outstanding economic events hinh anh 4Dinh La Thang dismissed from the Politburo (Source: VNA)

In 2017, a number of serious, complicated economic and corruption cases were strictly handled, such as the Oceanbank case involving Ha Van Tham and his 50 accomplices and the case of Chau Thi Thu Nga and her nine accomplices occurred at Housing Group, the dismissal of Dinh La Thang from the Politburo and suspension of his NA deputy status, legal proceedings against and arrest of Thang, investigating wrongdoings relating to many leaders of the Vietnam Oil and Gas Group, forcing organisations and individuals involved to bear responsibility before the law. Handling high-ranking officials, incumbent or retired, demonstrated there is no “prohibited zone” in the fight against corruption, and affirmed the determination of the whole political system and society to combat corruption and negative phenomena.

7. Some BOT transport projects become hot issue

In 2017, shortcomings in some build-operate-transfer (BOT) transport projects attracted public attention, despite the fact that the policy of developing transport infrastructure in the BOT form is a right move and many BOT projects contributed to improving transport infrastructure and fostering socio-economic development in some localities. At some BOT toll stations, many drivers and local residents objected to paying fees, causing traffic jams, and forcing investors to allow vehicles to pass through the booths without fee collection. Prime Minister Nguyen Xuan Phuc urged responsible agencies to strictly address the problems and legal violations while revising inappropriate procedures.

8. Disasters cause serious losses

VNA selects 10 outstanding economic events hinh anh 5A woman walks along a street full of debris caused by Typhoon Damrey (Source: VNA)

In 2017, Vietnam was hit by 16 storms which caused great losses in human and asset (375 dead and missing, 636 injured and material damage of nearly 51.6 trillion VND (2.27 billion USD)). Storm Damrey, the strongest storm hitting Vietnam in years, suddenly landed in the south central coast of Vietnam, leaving 107 people dead, 16 unaccounted for, 342 injured and damaging 165,000 houses. The Ministry of Agriculture and Rural Development estimated that the storm caused economic losses of about 22 trillion VND (nearly 1 billion USD).

9. Stock market sets several records

Vietnam’s stock market recorded numerous important milestones in 2017. The VN-Index reached a decade-high of 970 points on December 4, a rise of 46 percent as compared to the figure at the end of 2016, while stock market capitalisation hit 3.36 quadrillion VND (around 148 billion USD), equivalent to 74.6 percent of the nation’s gross domestic product (GDP). The year 2017 witnessed the strongest-ever trading by foreign investors, with total net purchase value reaching nearly 26 trillion VND (1.14 billion USD). On August 10, the derivatives market was officially launched at the Hanoi Stock Exchange, marking a milestone in the development of Vietnam’s securities market. In particular, the divestment of State capital from listed major firms such as Vinamilk and Sabeco has helped increase the Vietnamese stock market’s attractiveness to domestic and foreign investors.

10. Work starts on first Vietnamese automobile manufacturing complex

VNA selects 10 outstanding economic events hinh anh 6Prime Minister Nguyen Xuan Phuc and leaders of several ministries and Vingroup start construction of the first Vietnamese automobile manufacturing complex (Source: VNA)

On September 2, Prime Minister Nguyen Xuan Phuc and leaders of several ministries and Vingroup started construction of the first Vietnamese automobile manufacturing complex, VINFAST, in Dinh Vu-Cat Hai economic zone. The birth of VINFAST officially brings Vietnam into the list of automobile manufacturers in the world.-VNA